When you bought your home, you knew it would be a long term investment. You also knew it would be a long-term commitment financially. But did you know that owning rather than renting a home could save you money? And it can be the perfect opportunity to increase your savings pot as well. If you’re hoping to cut back your expenses and start saving for a rainy day, your own home could be just the thing to help you.
Becoming a landlord is one of the best ways to earn money from your property. Of course, you would still need somewhere to live! This could work out well if you are entering a relationship and both of you have your own homes. Moving in together frees up one of the properties to be sold or to let out as a source of income. Of course, moving in together saves you a fortune on taxes, food bills, energy bills, and TV subscriptions too! Just think of all the miles saved traveling back and forth to visit each other. Try a website like http://then.gasbuddy.com/Trip_Calculator.aspx to figure out just how much you could save.
To save even more money, you might sell your own home and then buy a cheaper one. You can often find a wide range of properties for sale on websites like www.EntwistleGreen.co.uk/forsaleoffice/liverpool-city/1980/. Choose properties that are smaller. Or maybe those that are in need of a little TLC. Maybe you can find a cheaper property by searching away from the popular or city center areas. There are always plenty of properties for sale. If you’re willing to move away, then sell up and invest the equity you’ve made.
Of course, if you’re looking for a property to buy, you might wait for the right time. A dip in the market could knock a fair percentage off the asking price. Always check how long a particular property has been up for sale. Chances are you can dramatically reduce the price being asked for if the owners are desperate to sell. It’s worth finding out the reasons why they’ve had so much trouble, though!
When it is time to sell your property, you may have some difficulty in getting the price you want for it. Try to time your sale for a peak in the market. When your kind of property is most in demand, you can inflate the price. You may be able to use selling tactics to encourage more viewers to bid on the property too. There are lots of ways to get a higher price. This can save you a fortune on your next mortgage.
You can save a lot of money on improving your property by doing some DIY. Most homeowners know that there is a lot of maintenance involved when it comes to owning a home. Lots of things weather and wear so you can expect to be doing odd jobs around the place every year. However, most of us would also like to see some financial reward for our efforts. After all, that work should be worth some money! Maintaining your home can save you from losing value on your property.
Improvements can potentially increase the value of your property if they’re done well. It can take a time to design, plan and do the work yourself. It’s always easier to hire a professional team who know what they’re doing! But if you’re looking to add maximum value for your efforts, it could be worth taking on the work yourself. Make sure your DIY skills are up to the challenge and see where you can make improvements today.
Working from home is another way you can use your home to save you money. Nobody likes their morning and evening commute. You can get stuck in heavy traffic for hours or crushed up on the train. Working from home saves you the cost of the train ticket or the fuel in your car every day. It saves you a fortune at the vending machine too. Perhaps it can save you from a few extra inches on your midriff! Working from home is also thought to save you from a lot of extra stress every day. This might save you a fair few bills on anxiety medication!
You could rent out parts of your home during holiday seasons. Maybe there is a big event coming to your local area, and visitors are seeking accommodation? This is a way to earn money from your home that you could save up for a rainy day. It is unlikely your landlord would permit you to profit in this way if you rented. Solar panels have proven very popular over the last few years. If you own your own home, you may be able to have solar panels installed. This means you may not have to pay for electricity at all anymore, depending on your local weather and system. It could save you hundreds in cash every year. Even if you have gas or oil heating systems, this bill could be reduced too. Many solar panel systems also heat the water in your home for you too.
Solar panels have proven very popular over the last few years. If you own your own home, you may be able to have solar panels installed. This means you may not have to pay for electricity at all anymore, depending on your local weather and system. It could save you hundreds in cash every year. Even if you have gas or oil heating systems, this bill could be reduced too. Many solar panel systems also heat the water in your home for you too.
If you own your own property, you may be free to do what you like with the land attached to your property. Even if you only have a small garden, you can use pots and plots to grow your own fruit and vegetables. This could add up to massive savings during the year. Most home growers produce far more than they can consume. You might even earn some money out of your veggie plot! Some homes are also ideally placed to rear chickens for eggs. You would need to check your local authority rules and regulations for the neighborhood first, though.
Owning your own home can be a dream come true for some people. But it’s not just about reducing your monthly housing costs. And it’s not just about a future investment either. There are many ways you can save on the cost of living when you own your own home. If you haven’t managed to step foot on the first rung of the property ladder, now could be the time to make that leap.
